After a six-month delay, HMRC has confirmed that declaring a capital gain on the disposal of a UK residential property under Self Assessment does not remove the requirement to file a 60-day property disposal return.
SME Tax News
In Mr Bruce Firth & Mrs Rita Firth as Trustees of the L Bately 1984 Settlement v HMRC [2022] TC8542, the First Tier Tribunal (FTT) dismissed a claim for IHT Business Property Relief. The services provided by the 'apart-hotels' in question were not sufficient to prevent it from being an investment business.
HMRC have opened a consultation ‘Improving the data HMRC collects from its customers’, to explore options for improving the range of data collected directly from taxpayers. Proposals include measures requiring director/shareholders of close companies to separately identify, on their tax return, the dividends they receive from their company.
The General Anti-Abuse Rule (GAAR) Panel has issued its opinion on the use of group loans to avoid the s.455 loan charge, finding that although there was a gap in the legislation, its exploitation was not enough to apply the GAAR and the steps remained a reasonable course of action for the group.
In Carlick Contract Furniture Limited v HMRC [2022] TC08543, the First Tier Tribunal (FTT) ruled that Coronavirus Job Retention Scheme (CJRS) claims for two employees were not qualifying costs, whilst acknowledging that denying the claims seemed to be contrary to the spirit of the scheme.
In Martyn Arthur and Denise Arthur v HMRC [2022] TC08539, the First Tier Tribunal (FTT) found that unexplained payments made to company shareholders should be subject to tax as self-employment income and not PAYE.
The former Chancellor of the Exchequer, Nadhim Zahawi, has been under pressure to explain whether £26m in unsecured loans received by himself and his wife from a family trust are, in fact, capital receipts that he should have declared for UK Capital Gains Tax, or taxable as income under the Transfer of Assets Abroad rules.
HMRC have issued their Agent Update for July 2022. We have summarised the key content for you with links to our detailed guidance on the topics covered.
It has taken the government four years to publish 'Employment status consultation: government response', it was barely worth the wait. To date, a large number of the recommendations of the 2017 Taylor Review of Working Practice have been ignored.
HMRC have published the outcome of the consultation, 'Helping taxpayers get offshore tax right'. The March 2021 consultation sought views on how to improve offshore tax compliance and prevent mistakes. It formed part of HMRC's 'No Safe Havens 2019' strategy.